An ok result in a challenging market. I'm a bit surprised to see the 10% jump in SP today but will happily take it.
Definitely getting some positive press from paying a dividend (albeit a very reduced div) of 10c.
An example of the positive press below taken from The Australian today.
Global ratings agency S&P says Suncorp’s defensive management and conservative balance sheet have helped the insurance and banking group ride out the twin hit from bushfires and the COVID-19 pandemic.
S&P describes the group’s results as “displaying strength in the face of adversity”, noting that its investment performance was ahead of its peers, even though volatility moderated its earnings.
“The group’s provisions and risk overlays against further potential losses related to COVID-19 appear reasonably conservative and we expect Suncorp’s operating performance and capital adequacy will remain resilient in fiscal 2021,” S&P writes.
“We consider Suncorp’s provisioning across its insurance and banking operations to be credit supportive.”
SUN last traded up 9.9pc to $9.55.
g
(20min delay)